Reuters recently reported that the Forex market sees over $5.1 trillion worth of currency trades every day. All the world’s equity markets combined don't even come close to this figure. The trading of big amounts of money every day is one of the major reasons why some people opt to become Forex brokers, including experienced traders.
Of course, like in any other career, you need hard work and discipline to become a successful Forex broker. Those who succeed can make a healthy living through trading, but an added benefit of becoming a successful broker is networking with other traders who can assist you in forming a money management fund in the future.
Understanding the Forex Market
Before you can become a successful broker, you need to have a good understanding of the Forex market. Make sure you fully understand the underlying principles behind currency pairings and different sub-disciplines that play a role in the field, such as technical analysis and macroeconomics. Be on the lookout for new jargon, pricing, orders, and anything else that can help you give sound advice to your clients.
That being said, don’t just rely on your research. One of the most effective ways to learn about the Forex market is to talk to practicing or retired brokers. They will be able to give you practical advice that you will not be able to find in books. If you can't find any practicing or retired Forex brokers, search for online discussion groups.
